Hyperliquid News Today: Crypto Faces Widespread Challenges as Short Sellers Profit and Long Positions Suffer Amid Market Volatility

An alleged insider whale associated with the HYPE token is currently facing an enormous unrealized loss of $10 million as the token’s value continues to drop,

. The whale, whose address is 0x082, holds a long position in HYPE worth $40.7 million at an average entry price of $39, now sitting at a 126% loss. This position was established just a few hours before Robinhood disclosed HYPE spot trading on October 23, . At the same time, HYPE’s largest short seller, Abraxas Capital, has been rapidly closing its position, within two hours, demonstrating strong bearish sentiment.

The ongoing HYPE

reflects the wider market’s vulnerability, on its 3.56 million assets, as the coin’s price remains under $2,800—far below their average purchase price of $4,051. The company’s adjusted net asset value (mNAV) of 0.75 highlights its difficulties in raising funds through equity sales, as market premiums shrink. This pattern is not unique to BitMine: companies such as Strategy and Sharplink Gaming are also seeing their mNAVs fall, .

Conversely, bearish traders are prospering on platforms like Hyperliquid.

in shorting profits over the past six months, holding a $113 million short position with $24 million still unrealized. This trader has also accumulated $9.2 million in funding fees, showcasing the gains possible from leveraged bearish trades in turbulent markets. in open interest, with 53.2% allocated to bearish trades.

The cautious sentiment in crypto is further highlighted by falling open interest,

as prices decline. Meanwhile, Bitcoin’s whale ratio—which tracks large holder activity—remains at 0.37, even as prices have dropped recently.

Robinhood’s

, fueled by a 115% year-over-year rise in platform assets to $343 billion. However, there has been significant insider selling, with executives selling more than $1.5 billion in shares through October . The company’s tokenized stock project, now available in Europe, by offering round-the-clock trading and cross-platform asset use.

The ongoing battle between bullish and bearish players—seen in HYPE’s struggling whales and Bitcoin’s successful short sellers—underscores the crypto market’s delicate equilibrium. As

and increased regulatory attention reshape the industry, both companies and investors are being put to the test.